By Dipo Olowookere
The Nigerian Exchange (NGX) Limited witnessed a 1,461.74 per cent spike in trading volume last week on the back of an increase in trades in financial stocks.
According to data from the bourse, the weekly trading volume rose to 28.736 billion shares from 1.840 billion shares, the trading value also jumped to N209.060 billion from the previous week’s N27.286 billion, while the number of trades declined to 23,688 deals from 27,273 deals.
A breakdown indicated that there was a demand for financial equities as it recorded the exchange of 28.048 billion units worth N198.017 billion in 10,416 deals, contributing 97.61 per cent and 94.72 per cent to the total trading volume and value respectively.
Conglomerates stocks followed with 434.845 million units valued at 1.339 billion in 1,225 deals, while the third place was occupied by consumer goods shares with 74.111 million units worth N2.853 billion in 3,835 deals.
This significant rise was buoyed by an off-market deal in Union Bank in the week and in support of Transcorp and FBN Holdings, they accounted for 27.841 million shares worth N193.488 billion in 1,872 deals, contributing 96.89 per cent and 92.55 per cent to the total equity turnover volume and value respectively.
Business Post reports that despite this broad jump in the level of activity, the All Share Index (ASI) and market capitalisation depreciated by 2.18 per cent to 52,908.24 points and N28.523 trillion respectively, with all other indices finishing lower except the insurance, AFr Div Yield and growth index, which appreciated by 0.83 per cent, 0.58 per cent and 0.74 per cent, while the Asem index and sovereign bond indices closed flat.
NAHCO was the biggest price riser as its value inflated by 22.72 per cent to N7.94, Jaiz Bank grew by 15.38 per cent to 90 kobo, Eterna appreciated by 13.74 per cent to N7.70, PZ Cussons gained 10.04 per cent to sell for N12.60, while NEM Insurance increased by 9.95 per cent to N4.20.
However, Conoil ended the week as the biggest loser with a 15.04 per cent decline to settle at N29.10, Wema Bank dropped 12.33 per cent to N3.20, Presco fell by 10.00 per cent to N162.00, Okomu Oil depreciated by 10.00 per cent to N193.50, while NCR Nigeria deflated by 9.77 per cent to N3.60.
At the close of the five-day trading week, 36 equities appreciated in price compared with the 23 equities of the previous week, 45 equities depreciated in price in compared with the 54 equities of the earlier week and 75 equities closed flat as against the 79 equities posted a week earlier.
